Where is your money going?

Sep 13, 2018

While a lot of Americans may be in debt, that doesn’t stop them from spending money where they shouldn’t. And now a new report reveals just how much money folks are spending on such vices, and when you hear how much money you’re probably wasting, you may be embarrassed.

According to the Bankrate report, Americans spend, on average, $2,944 a year on financial vices, like eating out, coffee and more. Not surprising, the bulk of that money is usually spent on eating out, with the average American spending $2,443 a year on restaurant meals and takeout food, with 38% dining out at least three times a week. Other huge vices include prepared beverages, like coffee or smoothies, which 35% of Americans buy about three times a week, as well as lottery tickets, with the average American spending about $17 a week.

Interestingly, those with less money tend to spend more of their income on vices. In fact, those earning just $30,000 a year spend 13% on financial vices, and a lot of that goes towards lottery tickets. Among households with the lowest incomes, 28% play the lottery at least once a week, which amounts to about $412 a year. Meanwhile, those making $75,000 or more only spend about 2.6% of their income on vices, with only 19% spending their money on lottery tickets.

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